Ifos, cg - does return u/s 139(1) is required to be filed in below scenario?

Abhi (Manager) (76 Points)

27 December 2018  

Hello Friends,

Need your help in a query as follows :

Senior Citizen lady (62 yrs age). Has income from other sources totalling about Rs 1.59 lakhs. Has LTCG on shares sold where STT is paid of Rs 1.60 lakhs (this is exampt income right?) and also dividend income of Rs 30k.

How much will be her Annual gross income - Rs 3.30 lakhs or Rs 1.60 lakhs? Basically, does she have to file ITR for FY (2017-18, AY-2018-19) or not. Till now she has not done it and I was filling ITR2 and it is computing interest u/s 234F for default in filing return of income and levying Rs 1000. Is this correct ?

Just to test, I reduced the CG amount to Rs 1.4 lakhs and then no fine is levied, but am not sure whether ITR needs to be filed even when the taxable income is lower than threshold of Rs 300000.

Appreciate advise.

Thanks,